One in Four Borrowers Believe the Trump Administration Will Have a ‘Very Negative’ Effect on Their Student Loans

A new survey conducted by Student Loan Hero finds that student loan borrowers are divided when it comes to how they believe a Trump presidency will impact their loans

NEW YORK, NY (PRWEB) JANUARY 18, 2017

Leading financial education site Student Loan Hero recently released the results of a new survey that sheds light on how student loan borrowers expect the new Trump administration to impact their debt situation.

According to the survey, more than a quarter of respondents (27 percent) stated they believe a Trump presidency will have a “very negative” effect on their student loans; 13 percent stated they believe the effect will be “somewhat negative.”

Conversely, only nine percent of respondents expect the Trump administration to have a “somewhat positive” impact, while 10 percent believe the effect on student loans will be “very positive.” A large number of respondents (41 percent) had a neutral outlook on the future of student loans, stating that they thought the new Trump administration would have neither a positive or negative effect on student debt.

Additionally, the survey questioned borrowers about what federal benefits and protections they hope to be instituted under Trump’s administration.

When asked to select which student loan changes they would like to see implemented during the Trump administration, nearly half (44 percent) of respondents chose “Federal loan forgiveness after 15 years.” This proposal would shorten the current forgiveness term of 20 to 25 years for borrowers on income-driven repayment plans and open eligibility to all federal borrowers.

The second most popular policy change was a “Federal program to refinance student loans” (31 percent). Currently, borrowers can only refinance with a private lender, which requires meeting credit and other eligibility requirements.

When asked to choose just one student loan change they would most like to see implemented during the Trump administration, over one-third (34 percent) of respondents chose “Federal loan forgiveness after 15 years.”

“It’s clear that the polarization we experienced during this last election cycle carries over to the topic of student loan debt,” stated Andrew Josuweit, CEO of Student Loan Hero. “My hope is that this administration will take on the issue of skyrocketing student debt and implement much-needed changes to help struggling borrowers get back on their feet.”

Methodology

Survey was conducted via Google Consumer Surveys on behalf of Student Loan Hero on January 6-9, 2017, with a nationally representative sample of 1,001 adults living in the United States. “Do you have student loans?” was used as a screening question (with a target answer of “yes”).

About Student Loan Hero

Student Loan Hero combines easy-to-use tools with financial education to help the millions of Americans living with student loan debt manage and pay off their loans. Student Loan Hero has helped more than 100,000 borrowers manage and eliminate over $2 billion in student loan debt since 2012 and assists over 3.5 million people in becoming more financially healthy every year.

Student Loan Hero offers both current and former students free loan calculators, as well as unbiased, personalized advice and repayment plans through an easy-to-use online dashboard.
Founded in 2012 by CEO Andrew Josuweit, who himself had over $100,000 in student loans, Student Loan Hero operates on the belief that all loan help and recommendations should come with honesty and no hidden agenda.